Buying For The First Time

Dated: 04/26/2017

Views: 86

Most peoples largest purchase they will ever endure is buying a home and the first time can be extremely overwhelming. As an agent assisting first time buyers is exciting. Helping someone become a homeowner for the first time is incredible but for the buyers it seems to be a completely different story. This is a competitive market in Colorado and heartache is par for the course for the first time buyer. Being prepared for the process can really help the first time house hunter. Here are some keys to succeeding as a first time buyer in this market.

1. Start saving early: If you know you want to buy in the next 3 months, 6 months, a year or five years start saving NOW. The more that you can bring to the table and the less you have to ask for the better. Cash is king when it comes to this competitive market. Cut out any unnecessary expenses and save everything you can. 

2. Prepare for your earnest money:  An earnest payment is a specific form of security deposit. Once you have an offer accepted you must have funds immediately ready to hand over to secure your contract on a property. Its usually 1% of the purchase price but it can vary. Don't expect to get this money back. It takes a lot to close a loan and there are fees that go along with it. Just prepare to not get it back (and don't worry.. it goes towards YOUR loan in one way or another). 

3. Be realistic: Everyone wants their dream home out the gate but unfortunately its not realistic. Most first time home buyers don't have a ton of capital to play with and are usually unable to put a lot of money down. The best way to deal with this is to stay open about what you "want" and "need". To stay in your budget you might have to change your mind set slightly to find a home that financially will suit you. 

4. Stay Positive: You may get your first offer accepted or it might take ten. Just stay positive. It will eventually happen. 

5. Use a Realtor: Find an agent who has YOUR best interest at heart. Someone who will take the time to explain the process and who genuinely wants to find a home that you love. It takes time and energy but your agent should be patient, kind and available to be the best agent they can be. 

Happy House Hunting! 

Devin Schlaufman 



#Realtor #Coloradorealestate #realestatewithdevin

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